Exhibit 12.1
Allegheny Technologies Incorporated
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(Dollars in millions) | ||||||||||||||||||||
For the Years Ended December 31, | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Income (loss) from continuing operations before income tax provision and cumulative effect of change in accounting principle | $ | 1.5 | $ | (154.8 | ) | $ | 232.3 | $ | 322.1 | $ | 124.2 | |||||||||
(Income) loss recognized on less than fifty percent owned persons | 8.9 | 15.3 | (4.9 | ) | (7.4 | ) | (2.5 | ) | ||||||||||||
Noncontrolling interest in the income of subsidiary with fixed charges | (12.2 | ) | (7.6 | ) | (9.4 | ) | (8.8 | ) | (8 | ) | ||||||||||
$ | (1.8 | ) | $ | (147.1 | ) | $ | 218.0 | $ | 305.9 | $ | 113.7 | |||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | $ | 107.9 | $ | 62.3 | $ | 68.8 | $ | 90.1 | $ | 60.7 | ||||||||||
Portion of rents deemed to be interest | 7.6 | 7.5 | 8.3 | 7.1 | 7 | |||||||||||||||
Capitalized interest | 5.3 | 45.7 | 24.5 | 12.1 | 12.5 | |||||||||||||||
Amortization of debt expense | 1.9 | 3.8 | 3.5 | 3.6 | 3.1 | |||||||||||||||
Fixed Charges excluding capitalized interest | 122.7 | 119.3 | 105.1 | 112.9 | 83.3 | |||||||||||||||
Earnings adjustments: | ||||||||||||||||||||
Capitalized interest | (5.3 | ) | (45.7 | ) | (24.5 | ) | (12.1 | ) | (12.5 | ) | ||||||||||
Earnings, as adjusted | $ | 115.6 | $ | (73.5 | ) | $ | 298.6 | $ | 406.7 | $ | 184.5 | |||||||||
Ratio of earnings to fixed charges | — | (1) | — | (1) | 2.8 | 3.6 | 2.2 |
(1) For the years ended December 31, 2014 and 2013, fixed charges exceeded earnings by $7.1 million and $192.8 million, respectively.